BerGenBio ASA, Grant of share options

Norway - BerGenBio ASA (the 'Company') (OSE: BGBIO), a clinical-stage biopharmaceutical company developing novel, selective AXL kinase inhibitors for severe unmet medical needs, today announce that the Board of Directors has granted options to employees.

The annual general meeting in the Company on 22 May 2023 approved the share option program and authorised the board of directors of the Company to issue up to 129,090,000 share options to the Company's employees as part of a long-term incentive plan.

Options granted under the share option program will normally vest equally over a three-year period from the date of grant and each option, when exercised, will give the right to receive one share in the Company at a fixed strike price set at time of grant. Options granted under the share option program expire eight years after grant date.

A total of 112,000,000 share options were granted, equal to 4.2% of total issued shares in the Company and 2.8% on a fully dilutive basis including all outstanding Warrants and options. The strike price for this grant is NOK 0.2113 per option equal to the volume weighted average share price the last 14 days before the grant.

The board considers an option program as an important element in attracting and retaining employees to foster long-term success. The board considers the option program terms and allocation to be at the market for comparable peers.

After this grant total issued options equals 4.3% of the total issued shares in the Company and 2.9% on a fully dilutive basis compared to the average level over the last five years of 5.5% of issued shares in the Company and 5.0% on a fully dilutive basis.

Contact:

Martin Olin

Email: ir@bergenbio.com

Rune Skeie

Email: rune.skeie@bergenbio.com